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Overlapping mortgage payments on moving house
Stu6781
Posts: 119 Forumite
Hi all,
I am due to complete on buying a new house on 4th November. For the current house I am in, the mortgage payment comes out on 1st (so would normally come out on Tuesday). However, for my new mortgage, the first payment is to be made on the 15th of the month following completion (so assuming 15th Nov), and then the normal reoccurring payments to be made 1st of each month (assume starting 1st Dec).
I am due to complete on buying a new house on 4th November. For the current house I am in, the mortgage payment comes out on 1st (so would normally come out on Tuesday). However, for my new mortgage, the first payment is to be made on the 15th of the month following completion (so assuming 15th Nov), and then the normal reoccurring payments to be made 1st of each month (assume starting 1st Dec).
So my question is - does this mean I effectively need to find an extra mortgage payment? The interim payment is higher than what the normal payment will be too.
I thought mortgage payments were in arrears?
Thanks
0
Comments
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Is your redemption statement based on last payment being on 1 October or 1 November? If the former, the payment you make tomorrow will be refunded.
The month following the month of completion is December not November.
Clearing banks like HSBC and NatWest collect in arrears. Building societies and former building societies collect in advance.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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